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Commodity News Details
Crude corrects after recent gains as tariff worries weigh
01-Aug-2025 14:46
WTI crude oil futures eased today as six-week highs around $70 per barrel failed to sustain. Oil was also hurt due to a sharp jump in EIA crude inventories and firm US dollar index. Crude oil inventories in the United States increased by 7.7 million barrels during the week ending July 25, according to new data from the US Energy Information Administration (EIA) released on Wednesday. Oil lost around 1% yesterday and currently trades down 0.42% at $68.96 per barrel. A weak undertone in global equities following the US President Trump's latest flurry of tariffs on a large swath of nations is also playing a part in keeping oil under check. On the MCX, Crude oil futures are trading at Rs 6034 per barrel, down 0.30% on the day with highs around Rs 6080 per barrel capping the counter.

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